Despite national home sales increasing earlier this summer following the Bank of Canada's first interest rate cut since 2020, the bigger picture shows that Canada's housing market appears to be mostly "stuck in a holding pattern," according to the
The property first sold for $6.8 million back in January 2022, at a time when cheaper interest rates shot up demand in the GTA's housing market and contributed to sky-high prices. They would have paid a whopping $300k on Toronto land transfer tax alone. 💰In August 2024, the home was put back on the market for $6.45 million, and eventually sold for just over $5.9 million — representing a loss of nearly $900,000 when compared to its price just two years earlier.
"That said, with ever more friendly interest rates now all but guaranteed later this year and into 2025, it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country." , home sales throughout the region were down on a year-over-year basis in August 2024, while new listings were up slightly over the same period.
GTA Realtors reported nearly 5,000 home sales through TRREB's MLS System in August 2024, which was down by 5.3 per cent when compared to the 5,251 sales reported in August 2023.
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